Formula 1 CEO Chase Carey To Replace 'Infamous' Concorde Agreement

May 19, 2017

Formula 1 CEO Chase Carey said that he does not want to negotiate a new Concorde Agreement with the teams when the current one expires in '20 -- and would prefer to set up a new form of open-ended "partnership," according to Adam Cooper of MOTORSPORT. All efforts by the sport's owner, Liberty Media, will be "constrained by the current agreement for the next three years, but Carey is keen to replace it with a system that is less contentious." Carey said, "We have the infamous document called the Concorde Agreement. ... I think our goal is to create much more of a long-term partnership, not a partnership that sort of has a point in time that you go out and renegotiate the next eight-year partnership, that there's a continuum." Carey said that always having a "looming deadline" for the next agreement "creates issues" as the various parties "fight to get the best deal for themselves." He said, "It creates gamesmanship" (MOTORSPORT, 5/18).

RED BULL QUITTING?: GMM reported Red Bull Racing could quit F1 "if the next set of engine regulations is not significantly better." That is the "warning shot fired" by Red Bull F1 Dir Helmut Marko. He said, "The idea is very simple. We want an engine that is 1,000hp, with a single standard KERS (Kinetic Energy Recovery System) and battery, and development does not cost more than $15 million to $20 million." If those conditions cannot be met, Marko "hinted that Red Bull might quit F1." Marko: "We want to have an equal situation where we are not blackmailed by a manufacturer" (GMM, 5/17).